Media Partners Asia’s latest report frames Asia’s video content market less as a boom than as a capital shift. Across seven markets — India, Indonesia, Korea, Malaysia, the Philippines, Thailand and Vietnam — content investment is projected to reach $15.1 billion in 2026, up from $14.8 billion in 2025 and heading to $15.4 billion by 2031.
Television still commands about 60% of total spend, online video about 30% and film about 10%. But the marginal dollar is moving to streaming and local film while television budgets shrink.
Where the money is moving
India is the clearest proof. Online video took 46% of content investment in 2025, ahead of television’s 42% for the first time. Indian viewers logged 420 billion hours of online video during the year, and JioHotstar holds a 58% share of premium VOD viewing with more than 180 million paying subscribers.
Korea and India are the region’s anchors: Korea invested $6.9 billion and India $5 billion in 2025, together roughly 80% of the seven-market total. That means their platform moves set the tone for the rest of Asia.
Sports and local film are the pressure points
MPA points to sports rights as the clearest streaming differentiator:
- JioHotstar: cricket helped lift connected-TV reach 26% during IPL 2026.
- TVING: exclusive KBO baseball coverage grew subscribers from 5.3 million to 6.5 million.
- Vidio: leads Indonesia with more than 6 million paying subscribers and has been EBITDA-positive since Q4 2025; it spreads football, Champions League and Premier League across price tiers.
- Vietnam: FIFA World Cup traffic lifted premium VOD viewing by 22% this year.
Local films are the other growth lever. Vietnam’s box office rose 20% to $213 million in 2025, with local titles taking 69% of receipts. Indonesia grew 10.5% to $325 million, 60% from local films. India posted a $1.41 billion box office record, and Korea’s stronger domestic slate is driving a 2026 theatrical rebound.
The business model, not the audience, is the problem
MPA’s warning is blunt: media businesses in the region have audiences and talent, but reach is not reliably converting into healthy profit. Several established companies trade below equity book value. “As the margin for error narrows, management quality will become decisive,” said Stephen Laslocky, vice president at MPA.
The firm’s view is that value will accrue to companies that rationalise legacy costs, adopt tools such as AI, collaborate where standalone investment no longer makes sense, and protect the content that gives viewers a reason to stay.
What to watch
India and Korea are furthest along in consolidation: India after the JioStar merger and Korea through the proposed TVING-Wavve combination. Southeast Asia has lagged, though MPA sees scope in the Philippines, Thailand and Indonesia.
For media planners and entertainment marketers, the takeaway is simple: legacy TV share assumptions need stress-testing. Sports calendars and local film slates are now leading indicators for where audience attention is compounding.
Source: Variety
